Canaccord Genuity Group Issues Positive Forecast for Tesla (NASDAQ:TSLA) Stock Price

Tesla (NASDAQ:TSLA) had its price objective upped by investment analysts at Canaccord Genuity Group from $298.00 to $400.00 in a report issued on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the electric vehicle producer’s stock. Canaccord Genuity Group’s target price indicates a potential downside of 2.54% from the company’s previous close.

Several other research firms have also commented on TSLA. Wolfe Research assumed coverage on Tesla in a report on Thursday, September 5th. They issued a “peer perform” rating on the stock. Roth Capital upgraded Tesla from a “hold” rating to a “strong-buy” rating in a report on Monday, December 2nd. Piper Sandler boosted their target price on Tesla from $310.00 to $315.00 and gave the stock an “overweight” rating in a research note on Friday, October 25th. Truist Financial reiterated a “hold” rating and issued a $360.00 price target on shares of Tesla in a research note on Thursday. Finally, Stifel Nicolaus boosted their price objective on shares of Tesla from $287.00 to $411.00 and gave the stock a “buy” rating in a research report on Monday, December 2nd. Nine research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, sixteen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $283.39.

Tesla Stock Performance

Shares of TSLA opened at $410.44 on Friday. Tesla has a 1 year low of $138.80 and a 1 year high of $488.54. The stock has a market capitalization of $1.32 trillion, a PE ratio of 112.45, a PEG ratio of 10.80 and a beta of 2.36. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.37 and a current ratio of 1.84. The stock has a 50-day simple moving average of $362.37 and a 200-day simple moving average of $273.14.

Tesla (NASDAQ:TSLA) last issued its quarterly earnings results on Wednesday, October 23rd. The electric vehicle producer reported $0.72 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.58 by $0.14. Tesla had a net margin of 13.07% and a return on equity of 10.24%. The company had revenue of $25.18 billion during the quarter, compared to the consensus estimate of $25.47 billion. During the same quarter in the previous year, the firm earned $0.53 earnings per share. The firm’s quarterly revenue was up 7.8% on a year-over-year basis. On average, analysts predict that Tesla will post 1.99 earnings per share for the current fiscal year.

Insider Transactions at Tesla

In other news, Director Robyn M. Denholm sold 112,390 shares of the business’s stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $314.44, for a total transaction of $35,339,911.60. Following the sale, the director now owns 85,000 shares of the company’s stock, valued at $26,727,400. The trade was a 56.94 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Vaibhav Taneja sold 2,606 shares of the company’s stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $374.21, for a total value of $975,191.26. Following the completion of the sale, the chief financial officer now owns 108,965 shares in the company, valued at approximately $40,775,792.65. This represents a 2.34 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 514,886 shares of company stock valued at $169,393,831 in the last ninety days. 20.70% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Valley Wealth Managers Inc. purchased a new position in shares of Tesla during the 2nd quarter worth approximately $26,000. Abich Financial Wealth Management LLC increased its stake in Tesla by 168.8% in the second quarter. Abich Financial Wealth Management LLC now owns 129 shares of the electric vehicle producer’s stock valued at $26,000 after purchasing an additional 81 shares during the last quarter. Transcendent Capital Group LLC purchased a new position in shares of Tesla during the 3rd quarter worth about $29,000. Clean Yield Group raised its stake in Tesla by 60.0% during the third quarter. Clean Yield Group now owns 128 shares of the electric vehicle producer’s stock worth $33,000 after purchasing an additional 48 shares during the period. Finally, Peterson Financial Group Inc. acquired a new position in Tesla in the third quarter valued at $35,000. Institutional investors and hedge funds own 66.20% of the company’s stock.

Tesla Company Profile

Tesla, Inc designs, develops, manufactures, leases, and sells electric vehicles, and energy generation and storage systems in the United States, China, and internationally. The company operates in two segments, Automotive, and Energy Generation and Storage. The Automotive segment offers electric vehicles, as well as sells automotive regulatory credits; and non-warranty after-sales vehicle, used vehicles, body shop and parts, supercharging, retail merchandise, and vehicle insurance services.